# Cross-Asset Demographic Coefficient Matrix

Standardized coefficients from PanelGLS. Each column is a separate regression.

| Variable | Safe rate (10y) | Safe rate (3m) | Term spread | REER (log) | REER (Δ%) | House prices (Δ%) | Stock mkt cap/GDP | Portfolio equity/GDP | Carry vs USA |
|---|---|---|---|---|---|---|---|---|---|
| Z_1 | 14.720** | 18.141*** | -5.829 | -3.426 | -2.006 | 0.923 | 0.265 | -4.861*** | -3.102 |
| Z_2 | -1.559* | -2.118** | 0.809 | 0.429 | 0.323 | -0.176 | 0.028 | 0.790*** | 0.342 |
| Z_3 | 0.045 | 0.068** | -0.030 | -0.016 | -0.013 | 0.008 | -0.003 | -0.033*** | -0.013 |
| old_dep | — | — | — | — | — | — | — | — | — |
| youth_dep | — | — | — | — | — | — | — | — | — |
| R² | 0.108 | 0.005 | 0.113 | 0.028 | 0.026 | 0.005 | 0.180 | 0.048 | 0.448 |
| N | 803 | 813 | 781 | 1572 | 1540 | 1499 | 779 | 5435 | 813 |

*\*p<0.10, \*\*p<0.05, \*\*\*p<0.01*